Brent Near Its Lowest Level In Three Weeks

Baghdad Brent oil settled, on Thursday, near its lowest level in three weeks, after a wider recession in the market, as investors bet on the possibility of an increase in Iranian supply at a time when OPEC + returns more oil to the market.

Brent crude rose six cents, or 0.42 percent, to $ 66.94 a barrel by 05:41 GMT, after falling 3 percent on Wednesday. US oil fell seven cents, or 0.55 percent, to $ 63.70 a barrel, after falling 3.3 percent in the previous session.

Oil is still up nearly 30% this year as the recovery from the Covid-19 pandemic accelerates in the United States and parts of Europe, while purchases of crude oil shipments from countries like China remain strong.

The second wave in India reduced sales of gasoline and diesel by up to 20% for the largest refiner (Indian Oil Corp.), which reduced processing rates.

The price drop this week gave additional momentum on Wednesday after media reports said that the United States and Iran had made progress in talks over Tehran’s nuclear program that could lead to the lifting of sanctions and the entry of more supplies into the market.

Source: National Iraqi News Agency